{"id":40579,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/split-dollar-agreement-eaglemark-financial-services-inc.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"split-dollar-agreement-eaglemark-financial-services-inc","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/split-dollar-agreement-eaglemark-financial-services-inc.html","title":{"rendered":"Split Dollar Agreement &#8211; Eaglemark Financial Services Inc., Phillip Charles Zarcone and Donna Josephine Frett Zarcone Irrevocable Trust"},"content":{"rendered":"<pre>                             SPLIT DOLLAR AGREEMENT\n\n     THIS AGREEMENT is made and entered into this 30th day of March, 1999, by\nand between EAGLEMARK FINANCIAL SERVICES, INC., a Delaware corporation, of\nChicago, Illinois (the \"Company\"), and PHILLIP CHARLES ZARCONE, not individually\nbut as Trustee of the DONNA JOSEPHINE FRETT ZARCONE IRREVOCABLE TRUST DATED\nMARCH 30, 1999 (the \"Owner\"), of Burr Ridge, Illinois.\n\n     WHEREAS, the Owner will become the owner of a policy of insurance on the\nlife of Donna Josephine Frett Zarcone (the \"Insured\") issued by Pacific Life\nInsurance Company (the \"Insurer\") in the initial face amount of $2,700,000 with\nannual premiums of $112,914 (the \"Policy\").\n\n     WHEREAS, the Company will pay the premiums for the Policy as provided\nherein.\n\n     WHEREAS, the Insured is a valuable employee of the Company, the Company\nwishes to continue this employment relationship and, as an inducement thereto,\nis willing to assist the Owner in the payment of future premiums on the Policy\nas provided herein.\n\n     WHEREAS, in exchange for such premium assistance, the Owner is willing to\nreturn to the Company an amount equal to the cumulative total of the premiums\npaid by the Company on the Policy (its \"Policy Interest\") as provided herein.\n\n     NOW THEREFORE, for value received it is mutually agreed as follows:\n\n     1. From the date of this Agreement until the third anniversary of the date\nof this Agreement (the \"Initial Period\"):\n\n          A. The Company shall pay timely all premiums on the Policy and provide\n     written evidence thereof to the Owner.\n\n          B. If the insured dies during the Initial Period, an amount of the\n     proceeds of the Policy equal to the Company's Policy Interest shall be paid\n     to the Company and the balance of the proceeds shall be paid to the Owner.\n\n          C. If the Insured leaves the employ of the Company during the Initial\n     Period, within 90 days after the Insured leaves the employ of the Company\n     the Owner shall:\n\n               (1) Pay to the Company an amount equal to the Company's Policy\n          Interest and the Company will release to the Owner its Collateral\n          Interest (as defined in paragraph 3) in the Policy, or\n\n               (2) Assign to the Company all of the Owner's ownership and other\n          rights in the Policy.\n\n\n     2. From the date of the third anniversary of the date of this Agreement\nuntil the termination of this Agreement (the \"Second Period\"):\n\n          A. The Company shall pay timely all premiums on the Policy and provide\n     written evidence thereof to the Owner, provided, however, that the Company\n     shall have no obligation to pay premiums after its payment of the seventh\n     (7th) annual premium.\n\n          B. If the Insured dies during the Second Period, an amount of the\n     proceeds of the Policy equal to the Company's Policy Interest shall be paid\n     to the Company and the balance of the proceeds shall be paid to the Owner.\n\n          C. If the Insured leaves the employ of the Company during the Second\n     Period, within 90 days after the Insured leaves the employ of the Company\n     the Owner shall:\n\n               (1) Provide written notice to the Company for the Company to, and\n          the Company shall, execute a written release to the Owner of the\n          Company's Collateral Interest in the Policy, or\n\n               (2) Assign to the Company all of the Owner's ownership and other\n          rights in the Policy.\n\n     3. In consideration of the Company's payment of premiums as provided herein\nand in consideration of the Company's other obligations hereunder, the Owner\nhereby assigns to the Company the following Collateral Interest:\n\n          The right to realize against the proceeds of the Policy, to the extent\n          of the Company's Policy Interest, in the event of the death of the\n          Insured. The Owner shall execute such further documentation of this\n          assignment (including documents filed with the Insurer) as reasonably\n          requested by the Company. In the event of the death of the Insured,\n          the benefits under the Policy may be paid by the Insurer either by\n          separate checks to the Owner and to the Company, or by a joint check.\n          In the latter instance, the Owner and the Company shall divide the\n          proceeds as provided herein.\n\n     4. Except as otherwise provided in this Agreement, the Owner shall be the\nsole and exclusive owner of the Policy. This includes all the rights of \"owner\"\nunder the terms of the Policy including, but not limited to, the right to\ndesignate beneficiaries, to select settlement and dividend options, and to\nsurrender the Policy. All such rights may be exercised by the Owner without the\nCompany's consent. Any provision of this paragraph to the contrary\nnotwithstanding, the Owner shall not borrow the cash value of the Policy or\nborrow using the Policy as collateral.\n\n     5. The Owner shall have the right to assign any part or all of the Owner's\nretained interest in the Policy and this Agreement to any person, entity or\ntrust by execution of a written assignment delivered to the Insurer and to the\nCompany.\n\n                                       2\n\n\n     6. This Agreement shall terminate on the first to occur of the following:\n\n          A. Surrender of the Policy by the Owner, who has the sole and\n     exclusive right of surrender.\n\n          B. Delivery by the Owner of written notice of termination to the\n     Company.\n\n     In the event of termination during the Initial Period, the provisions of\nthe subparagraph 1.C shall apply. In the event of termination during the Second\nPeriod, the provisions of subparagraph 2.C shall apply.\n\n     7. This Agreement may be amended only in writing, signed by the Owner and\nan officer of the Company other than the Insured.\n\n     8. Any notice or writing hereunder shall be in writing and hand delivered\nor mailed, postage pre-paid, certified or registered mail, return receipt\nrequested. Any notice that is mailed from the Company to the Owner shall be\nmailed to the most recent address of the Owner that is on file with the Company.\nThe Owner shall promptly notify the Company of any change of address. Any notice\nthat is mailed from the Owner to the Company shall be mailed to the Company's\nprincipal office.\n\n     9. This Agreement contains the entire understanding of the parties with\nregard to the subject matter, and the parties acknowledge that there are no\nrepresentations, warranties or covenants of either party, express or implied,\nexcept as expressly set forth herein.\n\n     10. This Agreement shall bind and benefit the parties hereto and their\nsuccessors and assigns.\n\n     11. The failure of either party to complain of any act or omission on the\npart of the other party or any waiver, express or implied, or any breach of any\nof the provisions of this Agreement, shall not be deemed a waiver of the party's\nright to complain of any subsequent act, omission or breach.\n\n     12. The invalidity of any provision of this Agreement, as determined by a\ncourt of competent jurisdiction, shall in no way affect any other provision of\nthis Agreement as long as the performance by either party of its obligations\nunder this Agreement is not eliminated by such determination.\n\n     13. This Agreement shall be executed in duplicate, and both copies of the\nAgreement shall be deemed originals.\n\n                                       3\n\n\n     14. This Agreement shall be governed by and construed in accordance with\nthe laws of the State of Illinois.\n\n     IN WITNESS WHEREOF, the parties have signed this Agreement on the date\nfirst above written.\n\n                                       EAGLEMARK FINANCIAL SERVICES, INC.\n\n\n\n                                       By  \/s\/ Steven F. Deli\n                                           ----------------------------------\n                                           Its  Chairman and CEO\n                                                -----------------------------\n\n\n\n                                       DONNA JOSEPHINE FRETT ZARCONE IRREVOCABLE\n                                       TRUST DATED MARCH 30, 1999\n\n\n\n                                       By   \/s\/ Phillip Charles Zarcone\n                                           -------------------------------------\n                                           Phillip Charles Zarcone, not \n                                              individually, but as Trustee\n\n\n\n\n\n\n                                       4\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7723],"corporate_contracts_industries":[9389],"corporate_contracts_types":[9539,9544],"class_list":["post-40579","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-harley-davidson-inc","corporate_contracts_industries-autos__cycles","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=40579"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40579"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40579"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}